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SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
SCHEDULE 13D
UNDER THE SECURITIES EXCHANGE ACT OF 1934
(AMENDMENT NO. 5)*
WELLSFORD REAL PROPERTIES, INC.
--------------------------------------------------------------------------------
(Name of Issuer)
COMMON STOCK, PAR VALUE $0.01 PER SHARE
--------------------------------------------------------------------------------
(Title of Class of Securities)
950240200
------------------------------------------------
(CUSIP Number)
David J. Greenwald, Esq.
Goldman, Sachs & Co.
85 Broad Street, New York, New York 10004
--------------------------------------------------------------------------------
(Name, Address and Telephone Number of Person Authorized to Receive Notices
and Communications)
August 9, 2000
------------------------------------------------
(Date of Event which Requires Filing of this Statement)
If the filing person has previously filed a statement on Schedule 13G to report
the acquisition which is the subject of this Schedule 13D, and is filing this
schedule because of ss.ss.240.13d-1(e), 240.13d-1(f) or 240.13d-1(g), check the
following box |_|.
NOTE: Schedules filed in paper format shall include a signed original and five
copies of the schedules, including all exhibits. See ss.240.13d-7(b) for other
parties to whom copies are to be sent.
*The remainder of this cover page shall be filled out for a reporting person's
initial filing on this form with respect to the subject class of securities, and
for any subsequent amendment containing information which would alter
disclosures provided in a prior cover page.
The information required on the remainder of this cover page shall not be deemed
to be "filed" for the purpose of Section 18 of the Securities Exchange Act of
1934 ("Act") or otherwise subject to the liabilities of that section of the Act
but shall be subject to all other provisions of the Act (however, see the
Notes).
<PAGE>
SCHEDULE 13D
-------------------- -------------------------
CUSIP NO. 950240200 PAGE 2 OF 18 PAGES
-------------------- -------------------------
--------------------------------------------------------------------------------
1 NAMES OF REPORTING PERSONS
IDENTIFICATION NOS. OF ABOVE PERSONS (entities only)
W/W GROUP HOLDINGS, L.L.C.
--------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (See Instructions)
(A) |_|
(B) |_|
--------------------------------------------------------------------------------
3 SEC USE ONLY
--------------------------------------------------------------------------------
4 SOURCE OF FUNDS (See Instructions)
OO
--------------------------------------------------------------------------------
5 CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO
ITEMS 2(d) OR 2(e) |_|
--------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
DELAWARE
--------------------------------------------------------------------------------
7 SOLE VOTING POWER
NUMBER OF -0-
SHARES ------------------------------------------------------------
BENEFICIALLY 8 SHARED VOTING POWER
OWNED BY 2,128,098
EACH ------------------------------------------------------------
REPORTING 9 SOLE DISPOSITIVE POWER
PERSON -0-
WITH ------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
2,128,098
------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
2,128,098
--------------------------------------------------------------------------------
12 CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES
(See Instructions) |_|
--------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
20.4%
--------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON (See Instructions)
OO
--------------------------------------------------------------------------------
<PAGE>
SCHEDULE 13D
-------------------- -------------------------
CUSIP NO. 950240200 PAGE 3 OF 18 PAGES
-------------------- -------------------------
--------------------------------------------------------------------------------
1 NAMES OF REPORTING PERSONS
IDENTIFICATION NOS. OF ABOVE PERSONS (entities only)
WHITEHALL STREET REAL ESTATE LIMITED PARTNERSHIP XI
--------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (See Instructions)
(A) |_|
(B) |_|
--------------------------------------------------------------------------------
3 SEC USE ONLY
--------------------------------------------------------------------------------
4 SOURCE OF FUNDS (See Instructions)
OO
--------------------------------------------------------------------------------
5 CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO
ITEMS 2(d) OR 2(e) |_|
--------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
DELAWARE
--------------------------------------------------------------------------------
7 SOLE VOTING POWER
NUMBER OF -0-
SHARES ------------------------------------------------------------
BENEFICIALLY 8 SHARED VOTING POWER
OWNED BY 2,128,098
EACH ------------------------------------------------------------
REPORTING 9 SOLE DISPOSITIVE POWER
PERSON -0-
WITH ------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
2,128,098
------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
2,128,098
--------------------------------------------------------------------------------
12 CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES
(See Instructions) |_|
--------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
20.4%
--------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON (See Instructions)
PN
--------------------------------------------------------------------------------
<PAGE>
SCHEDULE 13D
-------------------- -------------------------
CUSIP NO. 950240200 PAGE 4 OF 18 PAGES
-------------------- -------------------------
--------------------------------------------------------------------------------
1 NAMES OF REPORTING PERSONS
IDENTIFICATION NOS. OF ABOVE PERSONS (entities only)
WH ADVISORS, L.L.C. XI
--------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (See Instructions)
(A) |_|
(B) |_|
--------------------------------------------------------------------------------
3 SEC USE ONLY
--------------------------------------------------------------------------------
4 SOURCE OF FUNDS (See Instructions)
OO
--------------------------------------------------------------------------------
5 CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO
ITEMS 2(d) OR 2(e) |_|
--------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
DELAWARE
--------------------------------------------------------------------------------
7 SOLE VOTING POWER
NUMBER OF -0-
SHARES ------------------------------------------------------------
BENEFICIALLY 8 SHARED VOTING POWER
OWNED BY 2,128,098
EACH ------------------------------------------------------------
REPORTING 9 SOLE DISPOSITIVE POWER
PERSON -0-
WITH ------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
2,128,098
------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
2,128,098
--------------------------------------------------------------------------------
12 CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES
(See Instructions) |_|
--------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
20.4%
--------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON (See Instructions)
OO
--------------------------------------------------------------------------------
<PAGE>
SCHEDULE 13D
-------------------- -------------------------
CUSIP NO. 950240200 PAGE 5 OF 18 PAGES
-------------------- -------------------------
--------------------------------------------------------------------------------
1 NAMES OF REPORTING PERSONS
IDENTIFICATION NOS. OF ABOVE PERSONS (entities only)
WHWEL REAL ESTATE LIMITED PARTNERSHIP
--------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (See Instructions)
(A) |_|
(B) |_|
--------------------------------------------------------------------------------
3 SEC USE ONLY
--------------------------------------------------------------------------------
4 SOURCE OF FUNDS (See Instructions)
OO
--------------------------------------------------------------------------------
5 CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO
ITEMS 2(d) OR 2(e) |_|
--------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
DELAWARE
--------------------------------------------------------------------------------
7 SOLE VOTING POWER
NUMBER OF -0-
SHARES ------------------------------------------------------------
BENEFICIALLY 8 SHARED VOTING POWER
OWNED BY 2,128,098
EACH ------------------------------------------------------------
REPORTING 9 SOLE DISPOSITIVE POWER
PERSON -0-
WITH ------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
2,128,098
------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
2,128,098
--------------------------------------------------------------------------------
12 CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES
(See Instructions) |_|
--------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
20.4%
--------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON (See Instructions)
PN
--------------------------------------------------------------------------------
<PAGE>
SCHEDULE 13D
-------------------- -------------------------
CUSIP NO. 950240200 PAGE 6 OF 18 PAGES
-------------------- -------------------------
--------------------------------------------------------------------------------
1 NAMES OF REPORTING PERSONS
IDENTIFICATION NOS. OF ABOVE PERSONS (entities only)
WHATR GEN-PAR, INC.
--------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (See Instructions)
(A) |_|
(B) |_|
--------------------------------------------------------------------------------
3 SEC USE ONLY
--------------------------------------------------------------------------------
4 SOURCE OF FUNDS (See Instructions)
OO
--------------------------------------------------------------------------------
5 CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO
ITEMS 2(d) OR 2(e) |_|
--------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
DELAWARE
--------------------------------------------------------------------------------
7 SOLE VOTING POWER
NUMBER OF -0-
SHARES ------------------------------------------------------------
BENEFICIALLY 8 SHARED VOTING POWER
OWNED BY 2,128,098
EACH ------------------------------------------------------------
REPORTING 9 SOLE DISPOSITIVE POWER
PERSON -0-
WITH ------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
2,128,098
------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
2,128,098
--------------------------------------------------------------------------------
12 CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES
(See Instructions) |_|
--------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
20.4%
--------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON (See Instructions)
CO
--------------------------------------------------------------------------------
<PAGE>
SCHEDULE 13D
-------------------- -------------------------
CUSIP NO. 950240200 PAGE 7 OF 18 PAGES
-------------------- -------------------------
--------------------------------------------------------------------------------
1 NAMES OF REPORTING PERSONS
IDENTIFICATION NOS. OF ABOVE PERSONS (entities only)
WHITEHALL STREET REAL ESTATE LIMITED PARTNERSHIP VII
--------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (See Instructions)
(A) |_|
(B) |_|
--------------------------------------------------------------------------------
3 SEC USE ONLY
--------------------------------------------------------------------------------
4 SOURCE OF FUNDS (See Instructions)
OO
--------------------------------------------------------------------------------
5 CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO
ITEMS 2(d) OR 2(e) |_|
--------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
DELAWARE
--------------------------------------------------------------------------------
7 SOLE VOTING POWER
NUMBER OF -0-
SHARES ------------------------------------------------------------
BENEFICIALLY 8 SHARED VOTING POWER
OWNED BY 2,128,098
EACH ------------------------------------------------------------
REPORTING 9 SOLE DISPOSITIVE POWER
PERSON -0-
WITH ------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
2,128,098
------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
2,128,098
--------------------------------------------------------------------------------
12 CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES
(See Instructions) |_|
--------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
20.4%
--------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON (See Instructions)
PN
--------------------------------------------------------------------------------
<PAGE>
SCHEDULE 13D
-------------------- -------------------------
CUSIP NO. 950240200 PAGE 8 OF 18 PAGES
-------------------- -------------------------
--------------------------------------------------------------------------------
1 NAMES OF REPORTING PERSONS
IDENTIFICATION NOS. OF ABOVE PERSONS (entities only)
WH ADVISORS, L.L.C. VII
--------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (See Instructions)
(A) |_|
(B) |_|
--------------------------------------------------------------------------------
3 SEC USE ONLY
--------------------------------------------------------------------------------
4 SOURCE OF FUNDS (See Instructions)
OO
--------------------------------------------------------------------------------
5 CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO
ITEMS 2(d) OR 2(e) |_|
--------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
DELAWARE
--------------------------------------------------------------------------------
7 SOLE VOTING POWER
NUMBER OF -0-
SHARES ------------------------------------------------------------
BENEFICIALLY 8 SHARED VOTING POWER
OWNED BY 2,128,098
EACH ------------------------------------------------------------
REPORTING 9 SOLE DISPOSITIVE POWER
PERSON -0-
WITH ------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
2,128,098
------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
2,128,098
--------------------------------------------------------------------------------
12 CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES
(See Instructions) |_|
--------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
20.4%
--------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON (See Instructions)
OO
--------------------------------------------------------------------------------
<PAGE>
XX
SCHEDULE 13D
-------------------- -------------------------
CUSIP NO. 950240200 PAGE 9 OF 18 PAGES
-------------------- -------------------------
--------------------------------------------------------------------------------
1 NAMES OF REPORTING PERSONS
IDENTIFICATION NOS. OF ABOVE PERSONS (entities only)
WHITEHALL STREET REAL ESTATE LIMITED PARTNERSHIP V
--------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (See Instructions)
(A) |_|
(B) |_|
--------------------------------------------------------------------------------
3 SEC USE ONLY
--------------------------------------------------------------------------------
4 SOURCE OF FUNDS (See Instructions)
OO
--------------------------------------------------------------------------------
5 CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO
ITEMS 2(d) OR 2(e) |_|
--------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
DELAWARE
--------------------------------------------------------------------------------
7 SOLE VOTING POWER
NUMBER OF -0-
SHARES ------------------------------------------------------------
BENEFICIALLY 8 SHARED VOTING POWER
OWNED BY 2,128,098
EACH ------------------------------------------------------------
REPORTING 9 SOLE DISPOSITIVE POWER
PERSON -0-
WITH ------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
2,128,098
------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
2,128,098
--------------------------------------------------------------------------------
12 CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES
(See Instructions) |_|
--------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
20.4%
--------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON (See Instructions)
PN
--------------------------------------------------------------------------------
<PAGE>
SCHEDULE 13D
-------------------- -------------------------
CUSIP NO. 950240200 PAGE 10 OF 18 PAGES
-------------------- -------------------------
--------------------------------------------------------------------------------
1 NAMES OF REPORTING PERSONS
IDENTIFICATION NOS. OF ABOVE PERSONS (entities only)
WH ADVISORS, L.L.C. V
--------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (See Instructions)
(A) |_|
(B) |_|
--------------------------------------------------------------------------------
3 SEC USE ONLY
--------------------------------------------------------------------------------
4 SOURCE OF FUNDS (See Instructions)
OO
--------------------------------------------------------------------------------
5 CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO
ITEMS 2(d) OR 2(e) |_|
--------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
DELAWARE
--------------------------------------------------------------------------------
7 SOLE VOTING POWER
NUMBER OF -0-
SHARES ------------------------------------------------------------
BENEFICIALLY 8 SHARED VOTING POWER
OWNED BY 2,128,098
EACH ------------------------------------------------------------
REPORTING 9 SOLE DISPOSITIVE POWER
PERSON -0-
WITH ------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
2,128,098
------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
2,128,098
--------------------------------------------------------------------------------
12 CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES
(See Instructions) |_|
--------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
20.4%
--------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON (See Instructions)
OO
--------------------------------------------------------------------------------
<PAGE>
SCHEDULE 13D
-------------------- -------------------------
CUSIP NO. 950240200 PAGE 11 OF 18 PAGES
-------------------- -------------------------
--------------------------------------------------------------------------------
1 NAMES OF REPORTING PERSONS
IDENTIFICATION NOS. OF ABOVE PERSONS (entities only)
GOLDMAN, SACHS & CO.
--------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (See Instructions)
(A) |_|
(B) |_|
--------------------------------------------------------------------------------
3 SEC USE ONLY
--------------------------------------------------------------------------------
4 SOURCE OF FUNDS (See Instructions)
OO
--------------------------------------------------------------------------------
5 CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO
ITEMS 2(d) OR 2(e) |X|
--------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
NEW YORK
--------------------------------------------------------------------------------
7 SOLE VOTING POWER
NUMBER OF -0-
SHARES ------------------------------------------------------------
BENEFICIALLY 8 SHARED VOTING POWER
OWNED BY 2,128,098
EACH ------------------------------------------------------------
REPORTING 9 SOLE DISPOSITIVE POWER
PERSON -0-
WITH ------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
2,128,098
------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
2,128,098
--------------------------------------------------------------------------------
12 CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES
(See Instructions) |_|
--------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
20.4%
--------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON (See Instructions)
PN/BD/IA
--------------------------------------------------------------------------------
<PAGE>
SCHEDULE 13D
-------------------- -------------------------
CUSIP NO. 950240200 PAGE 12 OF 18 PAGES
-------------------- -------------------------
--------------------------------------------------------------------------------
1 NAMES OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (entities only)
THE GOLDMAN SACHS GROUP, INC.
--------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (See Instructions)
(A) |_|
(B) |_|
--------------------------------------------------------------------------------
3 SEC USE ONLY
--------------------------------------------------------------------------------
4 SOURCE OF FUNDS (See Instructions)
OO
--------------------------------------------------------------------------------
5 CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO
ITEMS 2(d) OR 2(e) |_|
--------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
DELAWARE
--------------------------------------------------------------------------------
7 SOLE VOTING POWER
NUMBER OF -0-
SHARES ------------------------------------------------------------
BENEFICIALLY 8 SHARED VOTING POWER
OWNED BY 2,128,098
EACH ------------------------------------------------------------
REPORTING 9 SOLE DISPOSITIVE POWER
PERSON -0-
WITH ------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
2,128,098
------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
2,128,098
--------------------------------------------------------------------------------
12 CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES
(See Instructions) |_|
--------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
20.4%
--------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON (See Instructions)
HC/CO
--------------------------------------------------------------------------------
<PAGE>
CUSIP No. 950240200 PAGE 13 OF 18 PAGES
WHWEL Real Estate Limited Partnership, WHATR Gen-Par, Inc., Whitehall
Street Real Estate Limited Partnership VII, WH Advisors, L.L.C. VII, Whitehall
Street Real Estate Limited Partnership V, WH Advisors, L.L.C. V, W/W Group
Holdings, L.L.C., Whitehall Street Real Estate Limited Partnership XI, WH
Advisors, L.L.C. XI , Goldman, Sachs & Co. and The Goldman Sachs Group, Inc.
hereby amend the report on Schedule 13D, dated August 28, 1997, as amended by
Amendment No. 1 thereto dated May 14, 1997, as amended by Amendment No. 2
thereto dated May 14, 1998, as amended by Amendment No. 3 thereto dated June 7,
1999, and as further amended by Amendment No. 4 thereto dated April 4, 2000 (as
so amended, the "Schedule 13D"), filed in respect of shares of common stock, par
value $0.01 per share, of Wellsford Real Properties, Inc., a Maryland
corporation. Capitalized terms used but not defined herein shall have the
meaning attributed to such terms in Schedule 13D.
Item 2. Identity and Purpose.
--------------------
Item 4 of the Schedule 13D is hereby amended by deleting the fifth
paragraph therein and replacing such deleted text with the following:
During the last five years, none of the Reporting Persons, or, to the
knowledge of each of the Reporting Persons, any of the persons listed on
Schedules 2A, 2B, 2C, 2D and 2E hereto (i) has been convicted in a criminal
proceeding (excluding traffic violations or similar misdemeanors) or (ii)
has been a party to a civil proceeding of a judicial or administrative body
of competent jurisdiction and as a result of such proceeding was or is
subject to a judgment, decree or final order enjoining future violations
of, or prohibiting or mandating activities subject to, federal or state
securities laws, or finding any violation with respect to such laws, except
as described in Schedule 3 which is attached hereto and incorporated into
this Item by reference.
Item 4. Purpose of the Transaction.
--------------------------
Item 4 of the Schedule 13D is hereby amended by adding the following
information at the end thereof:
Representatives of the Reporting Persons have commenced discussions
with management of the Company concerning a possible transaction that could
result in a sale or transfer by the Company of all or substantially all of
the Company's interest in Wellsford/Whitehall Group. The consideration to
be paid in any such transaction may take the form of cash, assets
(including assets currently owned by Wellsford/Whitehall Group) or a
combination thereof, or seller financing provided by the Company, but no
determinations have been made as to the proposed form or amount of
consideration that would be payable in any such transaction.
None of the Reporting Persons or their affiliates has yet determined to
engage in any such a transaction, and no agreement has been reached with
the Company's management with
<PAGE>
CUSIP No. 950240200 PAGE 14 OF 18 PAGES
respect to any such transaction. There can be no assurance that any of the
Reporting Persons or their affiliates will determine to engage in such a
transaction or that an agreement will be reached with respect to such a
transaction.
Each Reporting Person expects to continue to evaluate on an ongoing
basis the Company's financial condition, business operations and prospects,
the status of any business combination involving the Company, the market
price of the Common Stock, conditions in the securities markets generally,
general economic and industry conditions and other factors. Accordingly,
each Reporting Person reserves the right to change its plans and intentions
at any time, as it deems appropriate. In particular, each Reporting Person
may at any time and from time to time acquire additional shares of Common
Stock or other securities convertible or exchangeable for Common Stock in
public or private transactions; dispose of shares of Common Stock or such
other securities in public or private transactions; enter into privately
negotiated derivative transactions with institutional counterparties to
hedge the market risk of some or all of its positions in the Common Stock
or such other securities and/or propose or enter into other transactions
that relate to or would result in one or more of the actions set forth in
parts (a) through (j) of Item 4 of Schedule 13D. Any such transactions may
be effected at any time and from time to time. To the knowledge of each
Reporting Person, each of the persons listed on Schedules 2A, 2B, 2C, 2D
and 2E hereto may make the same evaluation and reserves the same rights.
<PAGE>
CUSIP No. 950240200 PAGE 15 OF 18 PAGES
SCHEDULE 3
On April 6, 2000, in connection with an industry-wide investigation by the
Securities and Exchange Commission (the "SEC") relating to the pricing of
government securities in advance refunding transactions, Goldman, Sachs & Co.
(the "Firm") joined in a global settlement resolving the SEC investigation as
well as a related qui tam lawsuit purportedly brought on behalf of the United
States entitled United States ex rel. Lissack v. Goldman, Sachs & Co., et al.,
95 Civ. 1363 (S.D.N.Y.) (BSJ). Pursuant to the settlement, without admitting or
denying the findings, the Firm consented to the issuance of an SEC
administrative order (SEA Rel. No. 42640) which, among other things, found that
the Firm had violated Sections 17(a)(2) and (3) of the Securities Act of 1933 in
connection with such pricing of government securities, required the Firm to
cease and desist from violating such provisions, and ordered the Firm to make
payments totaling approximately $5.1 million to the U.S. Treasury and $104,000
to two municipalities. Under the global settlement, the qui tam lawsuit was
dismissed with prejudice, and the Internal Revenue Service agreed not to
challenge the tax-free nature of the refundings by virtue of the pricing of such
securities.
<PAGE>
CUSIP No. 950240200 PAGE 16 OF 18 PAGES
SIGNATURE
Each Reporting Person certifies that, after reasonable inquiry and to
the best of such Reporting Person's knowledge and belief, the information set
forth in this Statement is true, complete and correct.
Dated: August 10, 2000 WHWEL REAL ESTATE LIMITED PARTNERSHIP
By: WHATR Gen-Par, Inc.
By: /s/ Elizabeth M. Burban
---------------------------------
Name: Elizabeth M. Burban
Title: Vice President
Dated: August 10, 2000 WHATR GEN-PAR, INC.
By: /s/ Elizabeth M. Burban
--------------------------------------
Name: Elizabeth M. Burban
Title: Vice President
Dated: August 10, 2000 WHITEHALL STREET REAL ESTATE LIMITED
PARTNERSHIP VII
By: WH Advisors, L.L.C. VII
By: /s/ Elizabeth M. Burban
---------------------------------
Name: Elizabeth M. Burban
Title: Vice President
Dated: August 10, 2000 WH ADVISORS, L.L.C. VII
By: /s/ Elizabeth M. Burban
--------------------------------------
Name: Elizabeth M. Burban
Title: Vice President
<PAGE>
CUSIP No. 950240200 PAGE 17 OF 18 PAGES
Dated: August 10, 2000 WHITEHALL STREET REAL ESTATE LIMITED
PARTNERSHIP V
By: WH Advisors, L.L.C. V
By: /s/ Elizabeth M. Burban
---------------------------------
Name: Elizabeth M. Burban
Title: Vice President
Dated: August 10, 2000 WH ADVISORS, L.L.C. V
By: /s/ Elizabeth M. Burban
--------------------------------------
Name: Elizabeth M. Burban
Title: Vice President
Dated: August 10, 2000 W/W GROUP HOLDINGS, L.L.C.
By: /s/ Elizabeth M. Burban
--------------------------------------
Name: Elizabeth M. Burban
Title: Vice President
<PAGE>
CUSIP No. 950240200 PAGE 18 OF 18 PAGES
Dated: August 10, 2000 WHITEHALL STREET REAL ESTATE LIMITED
PARTNERSHIP XI
By: WH Advisors, L.L.C. XI
By: /s/ Elizabeth M. Burban
---------------------------------
Name: Elizabeth M. Burban
Title: Vice President
Dated: August 10, 2000 WH ADVISORS, L.L.C., XI
By: /s/ Elizabeth M. Burban
--------------------------------------
Name: Elizabeth M. Burban
Title: Vice President
Dated: August 10, 2000 GOLDMAN, SACHS & CO.
By: /s/ David J. Greenwald
--------------------------------------
Name: David J. Greenwald
Title: Managing Director
Dated: August 10, 2000 THE GOLDMAN SACHS GROUP, INC.
By: /s/ Daniel M. Neidich
--------------------------------------
Name: Daniel M. Neidich
Title: Managing Director
